As companies grow, and banks expand into international frameworks, the legislative demand for audit increases.
Job numbers are high in all major banking organisations. High performing professionals have the freedom to move jobs and companies every two to three years; the current demand for skilled staff justifying an uplift in salary of around 20% or higher, as well as a sign-on bonus.
In particular, due to the strict regulatory changes upcoming in 2016, demand for audit professionals is growing in several areas including compliance and financial crime, as well as FX and benchmarks regulation.
The sustainable and long-term nature of internal audit work means that most companies would employ auditors on a permanent basis or through a consultancy, rather than on a temporary basis.
Looking at the vacancy numbers within the main tier-one and tier-two banks, this period of growth shows no sign of slowing down, and the outlook for internal audit is very positive.
In technology risk and IT audit, technical assurance has seen substantial growth, with many organisations leaving 2015 with an open headcount and the approval for additional staff in 2016. The increased demand for technical candidates has been driven by high-profile cyber security incidents, and the resulting media backlash upon affected companies. Businesses are therefore investing heavily in assurance and are raising salaries to combat intense competition.
In a bid to attract candidates, we have seen increased flexibility from employers who are now sourcing IT audit staff who demonstrate transferable skills from different areas of the business.